Babylon, one of the world's fastest-growing digital healthcare companies, to begin trading on the New York Stock Exchange under the ticker BBLN
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
October 21, 2021
Babylon, one of the world's fastest-
growing digital healthcare companies, to
begin trading on the New York Stock
Exchange under the ticker BBLN
PALO ALTO, Calif. and LONDON, Oct. 21, 2021 /PRNewswire/ --Babylon Holdings
Limited ("Babylon"), one of the world's fastest-growing digital healthcare companies, today
announced that it has completed its business combination with Alkuri Global Acquisition
Corp. (NASDAQ: KURI, KURIU and KURIW) ("Alkuri"), a special purpose acquisition
company. The transaction was approved on October 20, 2021 by Alkuri's shareholders.
Babylon's Class A ordinary shares and its warrants will begin trading on the New York Stock
Exchange ("NYSE") on October 22, 2021 under the new ticker symbols "BBLN" and
"BBLN.W", respectively.
"We founded Babylon on a fundamental belief, that it is possible to make quality healthcare
accessible and affordable for every person on Earth. As we start the next part of our journey
as a public company, we believe we are only just getting started as we look to re-engineer
every touch point in the healthcare continuum.", said Ali Parsa, CEO and founder of
Babylon. "Since our inception, we have driven significant returns for our shareholders, and
we believe if we continue to deliver on our mission as we have so far, we will continue to
create extraordinary value for our shareholders, but more importantly, we plan to do so by
creating an even more extraordinary value proposition for our patients and partners."
As Babylon prepared to move into the public markets, Ali Parsa, in a detailed letter to
shareholders, further laid out Babylon's strategic vision and the substantial
momentum it has seen, as it looks to overhaul the global healthcare sector.
The company is going public in the wake of seeing rapid progress across all of its business
segments, making it one of the fastest growing digital health companies going public this
year. Below are some key highlights:
- Babylon is demonstrating real growth and momentum:
Year over year H1 2021 revenue growth was 472%, on the wake of 394% growth from
2020 to 2021.
Babylon is contracted to serve over 24 million people in 16 countries, with over 15
languages. In 2020, we helped one patient every5 seconds, with approximately 6
million interactions.
In H2 of 2021 so far, the company has contracted to more thandouble its covered
value based lives, by adding c.135k lives as at the contract date, through its expansion
to additional US states, Georgia and Mississippi, and growth across California.
Through a combination of its value-based care model, Babylon 360 and its work inprimary care, Babylon will be managing c. 350k capitated budget lives globally,
including 105k NHS GP at Hand lives, by the start of 2022.
Increased our estimated contracted revenue to over $60m per month from launch.
- Babylon puts patient service and high quality of care front and centre:
Over 90% of Babylon's members report being very satisfied with our service across all
of our geographies, irrespective of their socio-economic background or demographics
and we have more than 95% user retention rate.
Ratings of our clinical quality outcomes have been equally high in every one of our
markets. For example: in the UK we have been rated as "Outstanding" in the 'well-led'
domain by the Care Quality Commission, where we also scored 96% in the NHS
[1]
Quality Outcome Framework .
A peer reviewed paper, based on independent NHS data, showed we delivered up to
35% of acute care cost savings for our members compared to other similar cohorts,
and in the US, our data shows we avoided around 34% of ER/Urgent care visits for our
[2]
cohort.
Our unit costs of care are falling in every one of our markets too. For example: in
[3]
Rwanda there has been a 55% reduction in the unit cost of our consultation, while in
the UK, our unit cost of delivery of primary care per person dropped by 33% in 2
[4]
years .
- Babylon is driving real change through the combination of technology and clinical
quality
Created a world class data infrastructure to deliver a holistic single view of each
individual's health graph and platformized our artificial intelligence capabilities to
enable them to be quickly embedded across our products.
We have already integrated over 100 data sources resulting in access to 80 billion
data points fueling our AI efforts.
Our total technology costs only increased by22% while our revenue increased by
472% for the six month period that ended June 30, 2021.
Our total technology costs declined as a percentage of revenue from200% for the six
month period ended June 30, 2020 to 43% for the six month period that ended June
30, 2021, and is expected to further decline to below 15% of revenue for the year
ended December 31, 2022.
48% of all our member interactions are done through our technology platform with no
human involvement.
In our longest standing market in the UK,84% of all our primary consultations are now
entirely virtual.
In peer-reviewed research published in Frontiers in Artificial Intelligence, our
technology, under selective test conditions achieved 80.0% average recall and 44.4%
average precision, compared to doctors who took the same test and achieved, on
average, 83.9% and 43.6%, respectively.
"Babylon is one of the most exciting stories in healthcare and technology, and we're pleased
to help them on what we believe will be a truly difference-making path as a public company,"
said Alkuri CEO Rich Williams. "Babylon is not only well positioned to transform the $10trillion global healthcare sector, they have the vision and potential to be the winner in it. They already have incredible momentum, but Ali and team have just scratched the surface of what's possible when the patient is at the forefront of care." Transaction Summary As a result of the business combination, and the Sustainability-Linked Notes transaction with AlbaCore, Babylon received proceeds of approximately $460 million, prior to transaction expenses, which includes cash proceeds from Alkuri's trust account and the private placement (PIPE) investors. Babylon will continue to be led by Parsa as CEO alongside its highly experienced executive team, including Charlie Steel as Chief Financial Officer, Stacy Saal as Chief Operations Officer, Paul-Henri Ferrand as Chief Business Officer, Dr. Darshak Sanghavi as Chief Medical Officer, Steve Davis as Chief Technology Officer and Yon Nuta as Chief Product Officer. In addition, the Company's Board of Directors comprises a deep bench of global advisors with extensive backgrounds and collective, deep-rooted expertise in technology, and leading some of the world's fastest-growing businesses. Advisors Ardea Partners LP served as financial advisor, Citi served as financial and capital markets advisor, and Wilson Sonsini Goodrich & Rosati, P.C., Allen & Overy LLP and Walkers (Jersey) LLP served as legal counsel to Babylon. Jefferies served as exclusive financial advisor and Winston & Strawn LLP served as legal counsel to Alkuri. Jefferies, Citi and Pareto Securities AB served as placement agents on the PIPE. Ardea Partners LP and Citi acted as placement agents on the Sustainability-Linked Notes transaction with AlbaCore, and Allen & Overy LLP served as legal counsel to Babylon. About Babylon Babylon is a world leading, digital-first, value-based care company whose mission is to make high-quality healthcare accessible and affordable for everyone on Earth. Babylon is re-engineering healthcare, shifting the focus from sick care to preventative healthcare so that patients experience better health, and reduced costs. This is achieved by leveraging a highly scalable, digital-first platform combined with high quality, virtual clinical operations to provide integrated, personalized healthcare. We endeavor to support patients' health needs, all from their devices, with the aim to promote longer and healthier lives. When sick, Babylon provides assistance to navigate the health system, connecting patients digitally to the right clinician 24/7, at no additional cost. Founded in 2013, we have since delivered millions of clinical consultations and AI interactions, with c.2m clinical consultations and c.3.9m AI interactions in 2020 alone. We work with governments, health providers and insurers across the globe, and support healthcare facilities from small local practices to large hospitals. For more information, please visit www.babylonhealth.com/us. Forward-Looking Statements This communication contains a number of "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate
to future events or our future financial or operating performance. When used in this
communication, the words "estimates," "projected," "expects," "anticipates," "forecasts,"
"plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and
variations of these words or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements. These forward-looking
statements include, without limitation, information concerning Babylon's possible or assumed
future results of operations, business strategies, debt levels, competitive position, industry
environment, potential growth opportunities and expectations with respect to expected
trading of Babylon on the New York Stock Exchange (the "NYSE") and the potential timing
thereof.
These forward-looking statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks, uncertainties, assumptions and
other important factors, many of which are outside Babylon's management's control, that
could cause actual results to differ materially from the results discussed in the forward-
looking statements. These risks, uncertainties, assumptions and other important factors
include, but are not limited to: (a) the risks of delays in admitting Babylon to trading on the
NYSE; (b) the ability to meet the NYSE's listing standards; (c) costs related to listing on the
NYSE; (d) the possibility that Babylon may be adversely affected by other economic,
business and/or competitive factors; and (e) other risks and uncertainties identified in
Babylon's registration statement on Form F-4 (File No. 333-257694) filed with the U.S.
Securities and Exchange Commission (the "SEC"), which was declared effective on
September 30, 2021, with respect to Babylon's securities to be issued in connection with the
Alkuri business combination, and in other documents filed or to be filed with the SEC by
Babylon and available at the SEC's website at www.sec.gov.
Babylon cautions that the foregoing list of factors is not exclusive, and caution readers not to
place undue reliance upon any forward-looking statements, which speak only as of the date
made. Except as required by law, Babylon does not undertake any obligation to update or
revise its forward-looking statements to reflect events or circumstances after the date of this
release.
[1]
Quality and Outcomes Framework, 2019-20. Scores across segments totalled 536.6
points out of 559 points, or 96%
[2]
Based on Babylon survey of patients who had a consultation as part of a specific health
plan that has Alternative Health Choice (AHC) surveys as part of consultation booking flow.
Data from January 2020 - February 2021.
[3]
Between 2019 and 2021
[4]
Data from 2019 to 2021
View original content:https://www.prnewswire.com/news-releases/babylon-one-of-the-
worlds-fastest-growing-digital-healthcare-companies-to-begin-trading-on-the-new-york-
stock-exchange-under-the-ticker-bbln-301406148.html
SOURCE BabylonYou can also read
